Bim Afolami, Economic Secretary to the Treasury, has said that the UK government intends to build a comprehensive regulatory framework for cryptocurrency assets by the end of July 2024. This declaration was made during the Innovate Finance Global Summit, and it is a big step towards organized cryptocurrencycurrency oversight in the UK.
The legislation would also address the regulatory position of stablecoins and other digital asset services, with the aim of improving investor protection and market stability.
Afolami underlined that the upcoming legislation would cover a wide range of cryptocurrencycurrency-related activities, such as exchange operations and asset custody. This measure intends to put these businesses under a regulated framework, signaling a significant shift in the UK’s approach to controlling the digital currency sector.
Furthermore, this legal drive is consistent with prior statements from Prime Minister Rishi Sunak, who has declared a desire to establish the UK as a global bitcoin powerhouse. The framework is part of a strategy that began with the Financial Services and Markets Bill earlier this year, setting the platform for regulatory changes in this rapidly changing financial sector.
The UK’s goal in enacting these regulations is to create a secure and thriving environment for both investors and cryptocurrency operators.
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